heat futures on the Chicago Board of Trade closed lower on Tuesday for a third straight session, pressured by technical selling and a stronger dollar, which tends to make US grains less attractive on the world market. CBOT March wheat settled down 5 cents at $4.36 per bushel after dipping to $4.35, its lowest since February 9.
K.C. March hard red winter wheat ended down 4 cents at $4.52-1/4 a bushel and MGEX March spring wheat fell 5 cents at $5.41-1/4. Market underpinned by supportive export data. The US Department of Agriculture reported export inspections of US wheat in the latest week at 558,252 tonnes, above a range of trade expectations for 350,000 to 550,000 tonnes. The USDA said private exporters sold 138,650 tonnes of US wheat to unknown destinations, including 92,650 tonnes for 2016/17 delivery and 46,000 tonnes for 2017/18 delivery. The USDA did not specify what type of wheat was sold. Traders monitoring a warm spell in the US Midwest and Plains that is coaxing the winter wheat crop out of dormancy, potentially leaving it vulnerable to frost. Trade awaits supply/demand forecasts expected this week from the USDA's annual Outlook Forum.